Reported 2 months ago
Lucid Group Inc. has secured up to $1.5 billion from Saudi Arabia's Public Investment Fund affiliate, bolstering its finances as it prepares to launch its first electric SUV, the Lucid Gravity. This funding, which includes $750 million in convertible preferred stock and a $750 million unsecured loan, comes after a challenging year for Lucid, as it faced production challenges and workforce cuts. Despite a reported revenue of $200.6 million for the second quarter, the company posted higher-than-expected losses. The new capital is earmarked for general corporate purposes and is expected to sustain operations through next year.
Source: YAHOO